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SOA Research Institute / University Partnerships for Artificial Intelligence Topics

Background and Purpose

The Society of Actuaries (SOA) Research Institute aspires to do broader research studies on the use of artificial intelligence (AI) and the technology’s future impact on the actuarial profession. Key topics that the SOA would like to provide more research and information on are:

  • (1) AI Risk Management: Identifying the range of risks that are created and presented by using artificial intelligence, and ways that these AI risks can be managed or mitigated leveraging actuarial principles; and

  • (2) Next-Generation AI Tools: Identifying the types of AI tools that are in their early emergence for actuarial work and are likely to become common tools to assist or perform actuarial work tasks in the next 2 – 3 years,

The SOA desires to partner with one or more universities that are studying these artificial intelligence and risk management topics in depth through their academic and collaborative industry work and create a series of research projects that deepens our understanding of AI and AI-related risks, and also translates academic insights into practical tools and frameworks that will benefit the SOA and the global actuarial profession.

Research Objective

The SOA is seeking universities and researchers to participate in routine discussions of their ongoing AI research work, with the anticipation that up to three research projects may be funded by the SOA at each selected university over a 24-month period. These projects will have an aim to leverage strong academic research on AI and AI Risk Management and produce reports that assist in using the research in practical applications for the actuarial profession highlighting how actuaries effectively integrate them to improve decision-making, efficiency, and insight.

Examples of potential areas of study include:

With the range of risks that AI presents for commercial use, and the growing set of regulatory and safety frameworks being developed for AI use, what are the methods that the actuarial profession can apply from its grounding in risk identification, risk mitigation, and risk management to play key roles in the management of AI risk? How can the actuarial profession build risk repositories, or leverage current risk repositories, to use their ongoing risk management skills effectively?

The use of Large Language Models (LLMs) has now become more common in the business world, quickly ramping up from its commercialization over the past few years. With that era now in place, what are the next generation AI tools that have a high likelihood of becoming commonplace in the coming years, especially within the work of the actuarial profession? What are tangible examples of ways that these next-generation AI tools can be used by the actuarial profession, or become part of basic actuarial work, to achieve more time and efficiency in actuarial decision-making? Potential examples of AI tool types may include (but are not limited to) the following:

  • Automated Data Ingestion and Cleansing Tools
  • AI-Powered Forecasting & Scenario Testing
  • AI-Augmented Decision Support Systems
  • Large Language Models (LLMs) for Quantitative Reasoning
  • Large Quantitative Models for Data and Trend Analysis

Note that the list above is not meant to be exhaustive but merely examples of proposed topics that may be researched through this project.

The output of these research projects is anticipated to include reports identifying and describing the research applications, with a particular focus on actuaries' use of these tools. Reports will be made available on the Society of Actuaries (SOA) website and will be used additionally in the future training and professional development of the actuarial profession. Presentation of the results will likely occur at SOA conferences, webcasts, and/or through other mediums.

Members of Project Oversight Groups (POG) for these studies will be available to provide feedback and guidance to the researchers as needed.

Success will be defined as the delivery of timely, actionable, and high-quality research that informs actuarial practice, fosters meaningful academic-practitioner collaboration, and contributes directly to the profession’s ability to implement AI tools and manage AI-related risks using measurable methods and practical frameworks.

We anticipate that the universities selected to participate in this program will have strong research capabilities in artificial intelligence, strong programs in actuarial science, risk management, business analytics, or other similar fields, may have a set of high potential undergraduate, graduate, or post-doctorate team members to assist in performing or supporting the overall research work and a track record of industry collaboration and applied research.

This initiative offers a unique opportunity to shape the evolving role of AI in the actuarial profession—and to equip the next generation of actuaries with the tools they need to lead in a data-driven world.

Proposal Requirements

The SOA requests proposals to coordinate with the SOA Research Institute in routine identification of research topics and creation of research projects relating to AI Risk Management and the future use of AI within the actuarial profession.

To facilitate the evaluation of proposals, the following information should be submitted:

  • Resumes of the key researcher(s) who will help oversee participation from the university, including any graduate student(s) expected to participate. Resumes should indicate how their background, education, and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  • An overview of the universities programs that involve research work on artificial intelligence, actuarial science, risk management, business analytics, and/or other relevant fields.
  • Examples of past research projects that may be similar to the desired research objective including examples of the cost of research projects, and past report preparation timelines and schedules. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included.

Please note that as a policy, the SOA Research Institute generally does not provide funding to cover academic institution overhead expenses.

  • Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The SOA will appoint a Project Oversight Group (POG) to oversee the project. The SOA is responsible for recommending the proposal to be accepted. Input from other knowledgeable individuals also may be sought, but the SOA will make the final recommendation, subject to Society of Actuaries Research Institute (SOA) leadership approval. An SOA staff research actuary will provide staff actuarial support.

Questions

Any questions regarding this RFP should be directed to Research@soa.org.

Notification of Intent to Submit Proposal

If you intend to submit a proposal, please email written notification by Friday, August 1 to Research@soa.org.

Submission of Proposal

Please email your proposal to Research@soa.org. Proposals must be received no later than Friday, August 22. It is anticipated that all proposers will be informed of the status of their proposal by Friday, September 5.

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries Research Institute and the researcher.

The Society of Actuaries Research Institute reserves the right not to award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The Society of Actuaries Research Institute also reserves the right to redirect the project as is deemed advisable.

The Society of Actuaries Research Institute plans to hold the copyright to any research generated through this project and to publish the results with appropriate credit given to the researcher(s).

The Society of Actuaries Research Institute may choose to seek public exposure or media attention for the research. By submitting a proposal, you agree to cooperate with the SOA in publicizing or promoting the research and responding to media requests.

The Society of Actuaries Research Institute may also choose to market and promote the research to members, candidates, and other interested parties. You agree to perform promotional communication requested by the Society of Actuaries Research Institute, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.

Conflict of Interest

You agree to disclose any of your material business, financial and organizational interests and affiliations which are or may be construed to be reasonably related to the interest, activities, and programs of the Society of Actuaries Research Institute.